Highlights

  • Kogan shares fell 16.19% to AUD 3.78 during the session.
  • First-half FY26 Group Gross Sales increased 16.2% to AUD 572.4 million.
  • Group Revenue rose 5.5% to AUD 287.6 million during the half.
  • Performance at Kogan.com and the Mighty Ape reset remain important to the FY26 picture.

Kogan.com Ltd (ASX:KGN) shares have moved sharply lower, placing the online retailer’s FY26 performance firmly back in focus.

Kogan shares were trading at AUD 3.78, down 16.19%, with turnover of approximately AUD 5.78 million and a Market Capitalisation of AUD 358.32 million.

The company entered the second half of FY26 after recording growth across several major first-half metrics.

First-Half Sales Continue to Expand

Kogan Group generated Gross Sales of AUD 572.4 million during the six months ended 31 December 2025, representing an increase of 16.2% from the prior corresponding period.

Revenue increased 5.5% to AUD 287.6 million, while Group Gross Profit rose 7.8% to AUD 114.2 million.

Gross Margin improved by 0.9 percentage points to 39.7%.

Growth was weighted towards platform-based activities, which expanded faster than inventory-based product sales.

Core Kogan.com Business Leads the Half

The Kogan.com business generated Gross Sales of AUD 501.6 million, up approximately 21%, with revenue rising about 17% to AUD 232.4 million.

Adjusted EBITDA for the core operation increased approximately 18% to AUD 27.6 million.

That performance contrasted with Mighty Ape, which was working through an inventory and operational reset.

Mighty Ape recorded revenue of AUD 55.2 million, although the company indicated that the business returned to profitability in December following restructuring and inventory optimisation initiatives.

Cash Flow Adds Another Measure

Kogan also reported AUD 45.1 million in free Cash Flow during the first half.

For an online retail business, the combination of inventory management, platform revenue and cash conversion remains important because each directly influences capital efficiency.

The ongoing mix shift towards platform-based sales may therefore remain a significant feature of future results.

What Could Drive Kogan Shares Next?

Attention now turns to whether first-half momentum carries through the remainder of FY26.

Mighty Ape’s progress following its operational reset, growth in recurring platform businesses, gross margins and cash generation could all influence the next stage.

Kogan.com Outlook

Kogan enters the latter part of FY26 with growing Group sales, higher gross profit and a larger contribution from platform-based revenue. Continued execution at the core Kogan.com operation and further progress at Mighty Ape will help determine the Group’s Earnings trajectory.